Nickel Declines to Two-Week Low on Supply Outlook

Nickel dropped to a two-week low in London as record inventories are fueling concern that ample supplies will overwhelm demand for the metal, used to make stainless steel. Copper also slid.

Stockpiles tracked by the London Metal Exchange, which have surged 71 percent this year, reached an all-time high of 239,958 metric tons yesterday. Supply will exceed demand this year by 120,000 tons, up from a 92,000-ton surplus in 2012, according to Barclays Plc.